Act of mismanagement can be duly taken care under the avoidance provisions contained in IBC, NCLT cannot proceed in Company Petition filed u/s 241 of the Companies Act, 2013 – Mrs. Urmila Bairagra Vs. Bairagra Builders Pvt. Ltd. & Ors. – NCLT Mumbai Bench
August 17, 2023
NCLT Mumbai Bench, in Company Petition filed u/s 241 of the Companies Act, 2013 held that:
(i) Petition has been filed with the sole ulterior motive of thwarting the imminent action from the Respondent no. 6 or its successor to claim the mortgage over the property of Respondent no. 1. This Tribunal considers it fit and appropriate to impose a costs of Rs. 1,00,000/- on the Petitioner for filing this Petition for the purpose other than relief provided u/s 242 under the garb of act of Oppression or Mismanagement.
(ii) Act of the mismanagement, if there is any, can be duly taken care under the avoidance provisions contained in IBC, and this Bench cannot proceed further against the Corporate Debtor, if the petitioner seeks any relief from it in the petition on account of commencement of moratorium u/s 14 of IBC.
